Young women are increasingly choosing bralettes over bras – and Victoria’s Secret is bucking the trend.

“Bralettes trend up and down and we’ll have them,” CEO Jan Singer told analysts on a conference call, as reported by the New York Post. “But we make constructed bras best and anyone can make bralettes. We get paid for construction.”

They’re also cheaper, which could be eroding margins – the company typically charges $25 for a bralette and $50 for a bra.

Selling more of its classic products would help differentiate Victoria’s Secret from competitors like Aerie.

Victoria’s Secret sales are down despite an overall surge in the lingerie market. Shares of its parent company, Limited Brands, have been falling on the news.

Analysts at Morgan Stanley think recent panic about the state of Victoria’s Secret’s business is overblown.

“We acknowledge the Victoria’s Secret turnaround is taking longer than we or the market anticipated, but the stock is trading like a business in structural decline, which we disagree with for several key reasons,” the analysts write in a note to clients.

The analysts write that Victoria’s Secret still controls 27% of the lingerie market and is largely protected from e-commerce competitors because customers prefer to be fitted in person.

Morgan Stanley does suggest one way Victoria’s Secret could improve: by bringing back swimwear online.